AbCellera Biologics (ABCL) 2024 Wells Fargo Healthcare Conference summary

Company overview and technology platform

• Focuses on therapeutic antibody discovery using advanced technologies since 2012.

• Evolved from a partnership model with upfront fees and royalties to co-ownership and internal pipeline development.

• Attracted major pharma partners like Eli Lilly, Regeneron, AbbVie, Gilead, and Novartis, validating its unique platform.

• Demonstrated success in discovering antibodies for difficult targets, including MHC peptide, GPCR, ion channels, and CD3 for T-cell engagers.

• Published data shows ability to activate tumor-killing T-cells with reduced cytokine release.

Royalty portfolio and business model evolution

• Negotiated over 100 program contracts with downstream royalties and milestones.

• About 40 programs are progressing toward the clinic, with 14 molecules already in clinical trials.

• Royalty portfolio is diverse, but valuation is challenging due to limited public details.

• Shifted toward co-development and internal pipeline to allow more disclosure and value realization.

• Holds equity and co-ownership in select partner companies, with flexibility to spin out new ventures.

Internal pipeline and development strategy

• Lead internal program (635) targets a metabolic/endocrine condition, aiming for IND in Q2 2025 and a market over $2 billion.

• 635 addresses a validated target where antibodies may overcome small molecule toxicity issues.

• Plans to advance 635 through phase 1, with options to continue development or spin out based on data.

• Second program (575) targets OX40 ligand for inflammatory diseases, with IND planned for Q2 2025 and likely out-licensing after phase 1.

• T-cell engager platform advancing four programs, including oncology and autoimmunity, with ongoing data publication and validation.